According to property portal OnTheMarket (OTM), the frenzy of the last two years is now changing into a “new normal” as stock levels begin to improve and buyer/seller confidence is maintained. The rising cost-of-living and the potential for further interest rate rises from the Bank of England appear not to have impacted buyer and seller sentiment yet with 76% of active buyers in the UK confident that they would purchase a property in the next three months and 82% of sellers confident that they could complete a sale.
OTM research also showed that buyers are confident about getting a mortgage. While there have been four interest rate rises, taking rates up to 1% from the low of 0.1% seen during the height of the pandemic, mortgages do not seem to be a concern. More than a third of buyers already had a mortgage agreement in principle in place in April, with only 1% of movers reported to be ‘very worried’ about mortgage availability.